When embarking on the journey of buying or selling a house the amount of paperwork we ask you to fill out can be daunting.
The first document we ask you to sign, even before you have decided whether or not you want to work with us, is Know Your Options as a Real Estate Consumer. This document is for your information and benefit. It outlines why working with a real estate professional helps and protects you as the consumer and what being unrepresented means for you. We are required to fill this out, even if you decide not to work with us or be unrepresented.
If you decide to work with an agent, whether your a buyer or a seller, we then help you fill out a Privacy Notice and Consent document and a FINTRAC- Individual Identification Information Record form, to prove your identity. These are for your protection.
According to a report by CBC News, more than $5 billion in dirty money was laundered through real estate deals in BC in 2018.
In an effort to combat money laundering in BC, the Real Estate Council of BC has now made it mandatory for all realtors, to pass an Anti-money Laundering Course. This course enables agents to be able to identify signs of money laundering and flag suspicious transactions. It is to help us protect you, our clients. It will also help ensure that buyer and sellers of real estate are better protected from the negative impacts of money laundering in the future.
If you are a property owner who is selling there are many more documents a real estate professional will help you fill out. If you are a buyer it is in your interest to sign a Buyer’s Agency Exclusive Contract because it outlines exactly what your realtor will do for you.
So please don’t get frustrated with us for asking you to fill out all the documentation, realtors are here to help you through the process and protect your interests, as buying and selling a home is a huge undertaking.